<!-- Swiftype Variables -->

ASSET SERVICING

Genstar Capital to acquire, merge 2 fund administration firms

Apex Fund Services will merge with Equinoxe Alternative Investment Services to create a fund administration firm with a combined $80 billion in assets under administration.

The merger is part of an agreement by private equity firm Genstar Capital to acquire a majority stake in Apex as well as all of Equinoxe, Genstar said in a news release Tuesday.

Terms of the deal were not disclosed.

Equinoxe, which has $25 billion in AUA, will take on the Apex brand, said an Apex spokeswoman.

Peter Hughes, Apex founder and CEO, will retain an equity stake in the combined business.

The stake in Apex was acquired from growth equity manager FTV Capital. Equinoxe was acquired from private equity firm Estancia Capital Management.

The Genstar deal and Apex-Equinoxe merger are both expected to close in the third quarter.

Spokesmen at Equinoxe could not be reached by press time for further details.